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On December 31, 2017, State Construction Inc. signs a contract with the state of West Virginia Department of Transportation to manufacture a bridge over the
On December 31, 2017, State Construction Inc. signs a contract with the state of West Virginia Department of Transportation to manufacture a bridge over the New River. State Construction anticipates the construction will take three years. The company's accountants provide the following contract details relating to the project: Contract price $780 million Estimated construction costs $600 million Estimated total profit $180 million During the three-year construction period, State Construction incurred costs as follows: 2018 $ 60 million 2019 $360 million 2020 $180 million State Construction uses the cost-to-cost method to recognize revenue. Which of the following represent the revenue recognized in 2018, 2019, and 2020? $225 million, $300 million, $2550 million $60 million, $240 million, $120 million $33 million, $198 million, $99 million O $78 million, $468 million, $234 million
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